Innovation Pathway Details for Current Teams

Ready to Move Up?

At an Investment Panel, judges will decide if your team has made sufficient progress and meets the criteria to advance into the next stage of the Innovation Pathway. Explore this page to find out which stage is right for you, and learn what requirements you’ll need to fulfill to advance.

Upcoming Investment Panel dates:

Fall 2024:

September 4
October 10
October 31
November 20
December 12

Spring 2025:

January 22
February 4
March 19
April 10
May 1

Apply to pitch at an Investment Panel

Run Stage Requirements

IMPORTANT, before applying:

READ the criteria below before applying and make sure you have the information required in your deck.
WATCH: This pitch before you apply to see a really good example of a 7-10 minute pitch
REVIEW this advancement guide before applying to view a complete listing of requirements that your venture must meet in order to move from Walk to Run.
CHECK OUT: these pitch decks from teams that have successfully advanced to Run and Fly

->Apply to the Run Stage Here!

Criteria for Advancement into Run

There are three sections to the criteria for getting into the Run stage — (a) your core idea, (b) your plans and progress, and (c) your presentation. Each section has specific factors that the investment panel will look at to determine if your team has met the criteria for the stage

About your core idea — these are core concepts about your business plan. This is the “thinking” part of the business. The concepts below need to be clear, and to the extent you can, demonstrate that they’re validated.

Problem, customers and stakeholders: In-depth understanding of a sizable/large-scale, important problem; identified key customer segments and stakeholders, and their needs
Market size: Demonstrate the problem is sizable/large-scale with market size analysis and estimate
Differentiation, competition/ landscape, and macro trends: Describe how you’re different and why that difference matters to your customers; how is your approach unique and novel given alternatives available to customers; In-depth understanding of competition or landscape (their products, business models, and customers), as well market and other macro trend that impact your industry. For social impact ventures, when customers seek options, what do they find and how you are meeting a new need for your customer.
Solution and value proposition: Proposal of a solution that addresses the identified problem better than competition and has a compelling customer value proposition. For social impact, you must clearly articulate a value add to society, clear alignment from the problem to the design of the solutions.
Impact: What are the outcomes you are going to measure moving forward to see if your solution has a social impact? How will you measure those?
Business model: Identified key aspects of the solution’s business model, including customer value proposition, customer segments, preliminary go-to-market strategy, manufacturing process/capabilities.
Revenue model & expenses: Identify who pays, how much / how often, as well as important buckets of expenses that you will incur in order to reach key milestones. For nonprofits, what are the funding buckets you are aligning to and who (companies, grants, government) are currently funding these types of initiatives that you would be seeking support from. In addition, how are you thinking about earned revenue?
Team building: Have identified the expertise needed on the team

About your plans and progress — these factors have to do with the “doing” part of your business. In addition to having a coherent conceptual understanding of your business plan, you need to validate that what you believe is really true (or not, and pivot!).

Solution concept validation: Solution concept (features, user demand, willingness to pay) validated and incorporates feedback from validation interviews and/or testing with customers using some form of prototype (can be visual simulations);
- For hardware, MedTech, or other Deep Tech ideas: you can include 3D renderings, sketches, or other prototypes that include written support from an expert in your industry about your approach to your solution.
- For social impact teams:
  - Draw the workflow of your product or service (e.g. flowcharts, diagrams, conceptual drawings). How does one thing relate to the next? This can include secondary research or written support from an expert in your industry regarding the model.
  - Describe how the components or steps in the workflow (e.g. the process) lead to the impact or outcomes (e.g. improvements in X, Y, Z) that your beneficiaries (e.g. people you’re trying to serve) are looking for. Clearly articulate how you measure impact, what impact you were looking to have & what you have learned from your first test.
Key assumptions & plan to validate: List the riskiest assumptions for your product and business, and identify how you plan to test those assumptions
Action and funding plan: A solid plan for further testing and a path to creating and launching the first launchable version of your solution, including team/expertise needs, preliminary assessment on level of funding needed, and how to secure funding (if applicable)

Presentation — these factors have to do with your ability to clearly and succinctly communicate your ideas to the investment panel

Clearly explain all of the relevant concepts
Effectively navigates the Q&A by providing well-prepared answers, acknowledging gaps in knowledge respectfully, and demonstrating active listening to panelist inquiries and feedback.

Storytelling in your pitch for Run

Storytelling is a critical part of communicating your business effectively. Make your pitch for the Innovation Pathway more effective by:

Introducing the core aspects of the business: what is the problem you’re solving and for whom?
Presenting your target customer and their unmet needs / problem, what did you go out and do to test what you believe to be true?
Demonstrating what you learned from your tests, prototypes, experiments or additional customer discovery. What surprised you and changed? How did that learning affect the direction of the business?
Explaining what’s next for you given what you learned. What next experiment, test, or milestone are you trying to reach?

Along the way, you need to address the key aspects of the business, such as your market size, your business model / revenue model, your team, etc. But, the basic structure of “here’s what we believe, so here’s what we did, here’s what we learned from that, and so here’s what we’re doing next”, can go a very long way to signaling to your audience that you are an effective learner. That’s crucial to being successful as an entrepreneur!

Answering questions during Q&A for Run

Remember the following during Q&A time for your pitch:

We’re Not Out to Get You: The panelists are here to help, not to trip you up. Their questions are aimed at understanding your business better.
You Don’t Have to Know Everything: It’s okay if you can’t answer all the questions on the spot. A thoughtful “I don’t know, let me get back to you” can be more valuable than a rushed or incorrect answer.
Come Prepared: While you don’t need to know everything, coming well-prepared will help you navigate the Q&A session more effectively.
Feedback is Valuable: Take note of the questions and comments as they offer important feedback. Consider how you will track this during the session.
Use Questions as Future Guidance: The questions you receive can serve as indicators for areas you might need to clarify or elaborate on in future pitches.

Lastly, watch this video about the difference between promotion and prevention questions, and how you can listen for them and effectively respond

Fly Stage Requirements

IMPORTANT, before applying:

READ the criteria below before applying and make sure you have the information required in your deck.
WATCH: This pitch before you apply to see a really good example of a 7-10 minute pitch
REVIEW this advancement guide to find a complete listing of requirements your venture needs to meet before you will be approved to advance to the Fly Stage
CHECK OUT: these pitch decks from teams that have successfully advanced to Run and Fly

-> Apply to pitch for the Fly Stage here

Criteria For Advancement into Fly

There are three sections to the criteria for getting into the Fly stage — (a) your core idea, (b) your plans and progress, and (c) your presentation. Each section has specific factors that the investment panel will look at to determine if your team has met the criteria for the stage

Problem, customers and stakeholders: In-depth understanding of a sizable/large-scale, important problem; identified key customer segments and stakeholders, and their needs
Market size: Demonstrate the problem is sizable/large-scale with market size analysis and estimate
Differentiation, competition, and macro trends: Describe how you’re different and why that difference matters to your customers; how is your approach unique and novel given alternatives available to customers; In-depth understanding of competition (their products, business models, and customers), as well market and other macro trend that impact your industry. For Nonprofits, who are key partners in the space and how will you work together to create a larger impact. What are the funding trends/ social trends that make this an ideal time to launch this venture?
Solution and value proposition: Proposal of a solution that addresses the identified problem better than competition and has a compelling customer value proposition. Social Impact teams: How does your approach actually solve the problem, or mitigate the effects of the problem? Can you quantify the benefits or positive outcomes? Business model: A refined business model through additional customer and market research done in Run stage; Identified key aspects of the solution’s business model, including customer value proposition, customer segments, preliminary go-to-market strategy, manufacturing process/capabilities Social Impact Teams should clearly articulate a growth strategy (e.g. raise awareness, start and continue using the product / service, etc). What will the team do to ensure the social impact business stays true to its mission as it grows?
Revenue model & expenses: Identify who pays, how much / how often, as well as important buckets of expenses that you will incur in order to reach key milestones. For social impact businesses: What is your approach to funding the business (is it Competitions? Grants? Contributions? Earned revenue? Make sure you prioritize and align the revenue model to customer and funder needs.)
Team building: Have secured or have a solid plan to secure required expertise on the team

About your plans and progress — these factors have to do with the “doing” part of your business. In addition to having a coherent conceptual understanding of your business plan, you need to go out and validate that what you believe is really true (or not, and pivot!).

First launchable version of your solution and launch plan: Have the first launchable version of your solution ready that has a compelling value proposition, and a feasible launch plan. Sufficient validation and iteration: Show sufficient progress made and sufficient validation and iterations done to support the launch
Tech and regulatory feasibility: Determined preliminary tech & regulatory feasibility; conducted patent search (if applicable)
Financial projections: Have 3-years projections for revenue, costs, and profits; have cash needs projections for at least the next 12 months
Funding plan: Have plan for funding or plan for finding funding for the next 12 months’ cash needs (at the minimum)
12-month roadmap: Have a roadmap for the next 12 months
Risk mitigation plan: Have identified IP, tech, regulatory, market, manufacturing, and other risks, assessed potential impact, and developed action roadmap for mitigation
Impact (for social impact teams): Describe the impact (outcomes) you think your solution will have and how you plan to measure that

Presentation — these factors have to do with your ability to clearly and succinctly communicate your ideas to the investment panel

Clearly explain all of the relevant concepts
Effectively navigates the Q&A by providing well-prepared answers, acknowledging gaps in knowledge respectfully, and demonstrating active listening to panelist inquiries and feedback.

Storytelling in your pitch for Fly

Storytelling is a critical part of communicating your business effectively. To make your pitch for the Innovation Pathway more effective you should:

Introduce the core aspects of the business: what is the problem you’re solving and for whom
Highlight your target customer and their unmet needs / problem, what did you go out and do to test what you believe to be true?
Demonstrate what you learned from your tests, prototypes, experiments or additional customer discovery. What surprised you and changed? How did that learning affect the direction of the business?
Explain what’s next for you. What next experiment, test, or milestone are you trying to reach?

Of course, along the way, you need to address the key aspects of the business, such as your market size, your business model / revenue model, your team, etc. But, the structure of “here’s what we believe, so here’s what we did, here’s what we learned from that, and so here’s what we’re doing next” can go a very long way to signaling to your audience that you are an effective learner. That’s crucial to being successful as an entrepreneur!

Answering questions during Q&A for Fly

Remember the following during Q&A time for your pitch:

We’re Not Out to Get You: The panelists are here to help, not to trip you up. Their questions are aimed at understanding your business better.
You Don’t Have to Know Everything: It’s okay if you can’t answer all the questions on the spot. A thoughtful “I don’t know, let me get back to you” can be more valuable than a rushed or incorrect answer.
Come Prepared: While you don’t need to know everything, coming well-prepared will help you navigate the Q&A session more effectively.
Feedback is Valuable: Take note of the questions and comments as they offer important feedback. Consider how you will track this during the session.
Use Questions as Future Guidance: The questions you receive can serve as indicators for areas you might need to clarify or elaborate on in future pitches.

Watch this video about the difference between promotion and prevention questions, and how you can listen for them and effectively respond

Innovation Pathway Details for Current Teams

Ready to Move Up?

Run Stage Requirements

Fly Stage Requirements

Example Materials

Requirements & Tips For Advancement